Sold my collection - and bought one coin
savitale
Posts: 1,409 ✭✭✭✭✭
Except for my core registry set of Seated Dimes and few small things I received as gifts, I sold it all. Like many of us here, my collection began when I was about 8 years old and grew quite a bit over the years. I decided to let it all go. Why? Two reasons, really. First, it is sort of a Zen thing. These objects are just stuff, and our relationship with these objects is impermanent. It can be taken from us in so many ways. I think there is something healthy in being able to let go. The second reason is that I have often had a fantasy about selling my collection and buying one big coin. So I did it.
Selling the Collection
The story of all the trials and tribulations of selling a collection could take up a book chapter, so I’ll just summarize. To dispose of the first half or so I used a wide variety of venues: eBay, the BST forum, local coin shows, national coin shows, a local dealer, and a local auction house. Hundreds of coins, most raw, some slabs, proof sets, mint sets, modern commems, etc. The “stuff” most of us have lying around. FYI: I got the best returns from BST, closely followed by eBay, then shows and auctions.
The second half of the collection was much harder to part with, emotionally. I was down to my treasured Dansco albums: Peace Dollars, Buffalo Nickels, and a nearly complete Type Set. I worked for years on those sets and selling them coin-by-coin would feel like death by a thousand cuts. So I hesitated for quite a while. In a moment of exceptional fortitude I stuffed the albums in a Priority Mail box and sent them off to an auction house. I left some money on the table doing it that way but it was like ripping off a Band-Aid. No second guessing. No dragging it out. It was done.
After all was totaled up I realized about 88% of Greysheet for the whole collection and I’m pretty comfortable with that. I learned that coins worth more than about $300 were easy to sell and fetched 95%-110% of Greysheet, coins worth less than $300 realized significantly less.
One Big Coin
Now comes the fun part. Buying my One Big Coin. What was it going to be? After selling all that “stuff” the proceeds were not enough for my dream coins (nor did I expect them to be), such as a really nice Chain Cent, or Small Eagle Bust Half, or Gobrecht Dollar. I could have purchased a relatively low grade example of any of those but I didn’t want to my One Big Coin to be just OK. I wanted something special to me that somehow would be befitting of the collection I let go.
I guess you could say I’m a Seated Dime guy so I started looking in that direction. Now with Seated Dimes I had the opposite problem; except for the unique 73-CC No Arrows there are no obvious mind-blowing dates. All seated dimes are scarce in nicer, unadulterated condition, and a few I would call rare, but something really special isn’t easy to identify. I considered a proof 1837 No Stars as that would be quite an awesome coin, but for some reason it just didn’t speak to me. While absent-mindedly browsing an auction catalogue at a firm I usually don’t pay much attention to, lightning struck. The likely price was spot on the proceeds from my collection, and it is unquestionably unique in its way. Damn the torpedoes, this one was going to be mine. A Coin World article about the coin is available here. It is probably the only “famous” coin I will ever own.
I am fascinated by treasure. Buried treasure, sunken treasure, ancient coin hoards, King Tut’s tomb, all of it. This is my little piece of treasure. It is the 1856-S dime from the S.S. Central America Shipwreck. It is the finest silver coin recovered from the wreck and astonishingly the finest 1856-S dime in existence. The dime boarded the S.S. Sonora in San Francisco on August 20, 1857 along with $1.6 million in freshly minted gold coins, ingots, and nuggets as well as 578 passengers and crew. The ship arrived in Panama City where the cargo was unloaded and passengers disembarked. They were transported overland across the isthmus of Panama to Aspinwall, where the passengers and gold boarded the awaiting S.S. Central America. The ship had nearly reached its destination in New York City when the sidewheel steamer ran into a hurricane off the coast of the Carolinas on September 9. By the morning of September 11 her sails were shredded, her boilers had failed, and the ship was taking on water. Just after 8pm that day a tremendous wave struck the vessel, shattering her timbers. The S.S. Central America slipped beneath the sea and came to rest 8,000 feet below the surface along with 425 lives, the now-sunken treasure, and this 1856-S seated dime.
Comments
That’s a cool purchase
Wow major coin. That coin sold in a Goldberg auction last September was that you ?
BTW I just bought a 1857-S $20 original gold label that slept somewhere near your coin. Same fascination with the shipwreck and how these coins survived in such condition
A lot of us who are getting on in age are faced with such a dilemma. Rather than burdening family with disposal of an entire collection, undoubtedly accepting the first offer that comes along, doing it yourself has a lot of merit. I've pondered a similar course.
It's good to know you're just as pleased with you're one "big" coin, it's a great one to have.
Congrats!!!
Just WOW.
Wayne
Kennedys are my quest...
Very nice coin and congrats.... btw regarding the 88% that you mention... since you moved the money to this coin my guess is that it will increase in value and you will be way ahead when this coin sells again in the future... may that be many many many years from now... enjoy! Jon
In other words, we really don't "own" these objects, but simply their caretakers for a while. Nice.
... and very nice coin, by the way.
I’ve entertained a similar fantasy. Maybe in ten years I’ll do the same and get a Gobrecht dollar. Figure bigger is better for the eyes.
Congratulations on a wonderful big coin! That level of consolidation takes patience and guts and must be very satisfying to finally cross off a long-sought-after goal.
Congratulations! Cool history attached to that one.
Useful information!
Great story, and you have a refreshing attitude about it all. I've fanaticized about doing something similar, but we'll see if someday that urge strikes. I already know what the "one coin" would be. Marvelous coin, and the story is legendary.
Nice one!
That is a very nice box of one coin, congrats.
My Collection of Old Holders
Never a slave to one plastic brand will I ever be.
Really really nice coin, congratulations!
Looking for Top Pop Mercury Dime Varieties & High Grade Mercury Dime Toners.
Wow. A coin that unique is very special. Congratulations.
Yes, I second that. WOW!
Congratulations
What a Beautiful Coin, dude, and all it's history. Good choice.
"Jesus died for you and for me, Thank you,Jesus"!!!
--- If it should happen I die and leave this world and you want to remember me. Please only remember my opening Sig Line.That’s awesome. Love that idea of selling off the majority of your collection and getting one really awesome coin! Nice display holder too. Anyone that sees that will know exactly what it is.
Now that has to rank with the best stories ever told on the forum. Thanks for sharing. What a gorgeous coin, without the provenance, but with the provenance on top of it's beauty---Wow. Can't imagine a better collection replacement selection.
Congratulations.
Jim
When a man who is honestly mistaken hears the truth, he will either quit being mistaken or cease to be honest....Abraham Lincoln
Patriotism is supporting your country all the time, and your government when it deserves it.....Mark Twain
wow... that's some "next level" stuff! Nice!! Really Nice!!
Successful BST transactions with: SilverEagles92; Ahrensdad; Smitty; GregHansen; Lablade; Mercury10c; copperflopper; whatsup; KISHU1; scrapman1077, crispy, canadanz, smallchange, robkool, Mission16, ranshdow, ibzman350, Fallguy, Collectorcoins, SurfinxHI, jwitten, Walkerguy21D, dsessom.
If I were to sell my coins - and the thought crossed my mind as something I may due in my later years - I would likely go a similar route... BST, travel to a show, etc. Not sure what I would do with the proceeds, probably not buy a coin though. Such a divestiture would be a permanent change for me. Cheers, RickO
Really nice coin. Congrats!
Collector
75 Positive BST transactions buying and selling with 45 members and counting!
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Post of the year material, right there.
This is the forum at it's finest.
Thank you and congratulations!
-Mark
"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
My Washington Quarter Registry set...in progress
Cool coin
The entire mintage was delivered from the SFBM’s Coiner to the Treasurer on December 22nd 1856
Must have been minted late in the year
Quality like that is far, far superior to quantity. Congratulations on an incredible coin.
"It's like God, Family, Country, except Sticker, Plastic, Coin."
I like what you did. Quality over quantity, you basically got rid of 100"s of possibly meh coins and traded for one big one. Congrats on a smart move and much more enjoyable in the end.
YAHTZEE!!!....what a beauty!
MY GOLD TYPE SET https://pcgs.com/setregistry/type-sets/complete-type-sets/gold-type-set-12-piece-circulation-strikes-1839-1933/publishedset/321940
That’s a super nice coin and accomplishment!
The question now becomes: is it, in reality, your last coin purchase?
Great story - I admire your success with your project! And I have always liked the 1856-S dime with its great big mint mark. Yours is a superb coin.
Pacific Northwest Numismatic Association
What a great post, and an even better coin. Congrats.
I have always fantasized about doing this.
A great journey and written account and another “WOW” from this reader.
Thank you for sharing.
That is one GREAT new consolidated collection masterpiece as well!
Congratulations on a job well done.
Happy, humble, honored and proud recipient of the “You Suck” award 10/22/2014
Awesome story and awesome coin!!!
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Hat's off to you Sir!
Excellent story and excellent choice.
M
Riveting and compelling story. Thank you for sharing your process and your absolutely stunning acquisition!
I recently purchased a one of a kind medallion which cost more than my current automobile. I will also be sharing this story when I have received it. There were many similarities to your saga.
Tim
Interesting story - thanks for posting.
Well ... at least it has a sticker!
Congratulations!
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
I did something similar to get down from hundreds to around 40. Then pared down further and bought myself an 1856 Flying Eagle cent. I have been targeting a box of 20, but who knows, maybe I will take the final step and get down to a box of 1. Thanks for sharing your story.
awesome coin. some times ya just gotta do it
When I was collecting baseball cards I thought about doing this and buying an iconic baseball card like the 1952 Topps Mickey Mantle rookie, but I couldn't do it.
Congrats to you for having the guts to go through with your dream. You've inspired me and maybe some day when I retire I will sell everything to buy one coin.
Donato
Donato's Complete US Type Set ---- Donato's Dansco 7070 Modified Type Set ---- Donato's Basic U.S. Coin Design Set
Successful transactions: Shrub68 (Jim), MWallace (Mike)
Loved your comment about the zen thing, really spoke to me.... I love history as much (or more) than coins themselves. I remember reading "Ship of Gold in the Deep Blue Sea" a number of years ago, your post makes me want to go back and re read it. And think about the meaning behind the "madness"
Hellova story and a Hellofa coin to end up with! Congrats, it's been on my mind often enough over the years. I don't know how or when I will ever just do it, but it must feel pretty good now that it's done.
Click on this link to see my ebay listings.
I approve of your actions and I love the coin! I wish I were that brave. I can't even slice off the lower half of my collection (heap) and buy one really nice coin. My kids are going to hate me!
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Great story, very entertaining, and a very exciting coin with an amazing story itself! Congrats on the purchase. She's a frosty little devil!
Wow, way cool, congrats! Do you know where the other 65 resides?
I often will sell a group of widgets to purchase one more pricey piece....but I’ve never sold the whole farm for just one. Bold move.
Thanks for sharing your story.
Although when I saw the title, I thought it meant you sold your complete LS Dime variety set!
https://forums.collectors.com/discussion/1033397/whew-seated-dime-variety-set-is-finally-complete
Maybe "I sold half my collection" might be more accurate?
Or did you mean you sold the varieties, and just kept a date/mint mark set?
Good work on the downsizing!
Here is the Coin World article about the coin:
https://www.coinworld.com/news/precious-metals/1856-s-seated-liberty-dime-in-ss-central-america-treasure-haul
And Goldberg's Sept, 2020 Auction of the coin: https://www.coinnews.net/2020/08/21/goldbergs-september-2020-sale-features-s-s-central-america-shipwreck-coins/
Note: It is the second coin mentioned, with picture.
BHNC #203
Fantastic post and fantastic coin! Congrats! 👍🏻
ANA LM
USAF Retired — 34 years of active military service! 🇺🇸
Beautiful coin, great story. Enjoy!
Quantity is it’s own form of quality.
That is a hell of a coin, amazing it doesn’t suffer salt damage and a true condition census too boot. Not some MS68 Mercury dime that looks basically identical to many of the 67s which are common
11.5$ Southern Dollars, The little “Big Easy” set
That's a great story and a super-cool Seated dime purchase.
It straight graded, too, as it suffered no 'shipwreck effect' that silver coins often do.
Beautiful, historic, heirloom piece.
“I may not believe in myself but I believe in what I’m doing” ~Jimmy Page~
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
Wow, that's really something. I really like the slab presentation too. Amazing that they could recover these coins from the purser's safe without damaging them.